Brother....MAHARAANS are made to drive us all crazy.....just kidding
now this is what i think happened with ur car...
engine got overheated.....or it had been running on a bit higher temp...gasket worn iut with time...and eventualy blown...u replaced it...and got good compression...but remeber the actual cause of this problem...over heating which makes the metal part made of different composition expand n contract differently...which makes valve seals loose their grip and oil start seeping in the cylinder....
smoke ( not steam )is blown in the morning and its visible cause oil keeps seeping in cylinder the whole nite and accumulates in cylinder which once burnt and smoke disappears...
if u change the valve seals this problem may get cured...but i guess u can keep driving ur car like that with out problems except a slight decrease in oil level which u can easily top up....